Distillate watch

Diesel Fuel News, April 29, 2002

DISTILLATE WATCH

Key Distillate Prices ($/Gal)

April 25, 2002

               Low Sulfur  High Sulfur

New York

Spot                 0.69         0.67
Rack No. 2           0.71         0.69
Rack No. 1           0.79          n/a
Futures (Jun)         n/a         0.68

Houston

Spot                 0.67         0.65
Rack No. 2           0.68         0.66
Rack No. 1           0.78          n/a

Chicago

Spot                 0.67         0.67
Rack No. 2           0.69         0.69
Rack No. 1           0.74          n/a

Los Angeles          CARB      Federal

Spot                 0.72         0.69
Rack                 0.74         0.70

Rotterdam

Spot                 0.70         0.65
IPE Futures           n/a         0.64

Singapore

Spot                  n/a         0.66

Note: Sulfur levels in New York, Chicago, Houston are low-sulfur
distillate for 0.05 wt% and for high-sulfur 0.3 wt%. Both sulfur levels
are 0.05 wt% in Los Angeles. Sulfur levels in Rotterdam and Singapore
are 0.1 wt% and 0.3 wt% for low and high, respectively.

[Graph omitted]